Indian Amusement Park Industry, that had sluggish growth till recent times, is set to witness a 10 – 12 per cent growth year on year for the next three years. This was stated by Shirish Deshpande, President – Indian Association of Amusement Parks and Industries (IAAPI), at the inauguration of the The 18th AMUSEMENT EXPO, organised by Indian Association of Amusement Parks and Industries (IAAPI), supported by the Ministry of Tourism, Government of India (Incredible India).
Amusement Parks in India attract over 30 million (three crore) visitors annually, and contribute nearly 40 per cent of the total leisure industry turnover which are key drivers of growth among the services sector in India. About 30-35 per cent visitors are outstation visitors and thus major source of tourism. Children & Youth visit the park either in school groups or with families and constitutes 50 per cent of park visitors. Adults constitute the remaining 50 per cent as they either visit with their families or in corporate groups.
The Indian Amusement & Theme Park industry has been growing at a compounded annual growth rate (CAGR) of more than 17.5 per cent with annual revenue of approx. INR 17 billion, providing direct employment to over 75,000 people, is estimated to grow to at least INR 40 billion by 2020. Rising disposable income, focus on safety standards and hygiene and holistic family experience is expected to boost the growth of the industry.
Increase in Parks will be beneficial to cities as it contributes to the economy, increases employment levels and creates a broad customer base for other businesses, such as retail, restaurants & most importantly transportation.
Deshpande further added, “The Indian amusement park sector needs to grow as a social sector and requires regulatory support to attain its growth potential. We are thankful to the Government for reducing the GST from 28 to 18% for our sector.”
With over 120+ exhibitors from India and 18 countries, spread across 10,000 sqm exhibition floor area showcasing latest innovative rides and equipment for Amusement Park, Theme Park, Water Park, Adventure Sport and Family Entertainment Centers, the expo showcases a comprehensive range of products and services offered by the industry under one roof, this is South East Asia’s biggest and only focus technology show for Amusement, Theme Park & Family Amusement Centers.
This year IAAPI has also organised an exclusive session on Family Entertainment Centers - “FEC Connect” that will help leading operators meet, interact and network for the benefit of the industry. The meets will be addressed by several experts; policy makers attached to the industry.